It is possible that the CEO of Binance, CZ, as well as Sam Bankman-Fried, may testify before the congressional session to provide first-hand experiences.
The political donations that Sam Bankman-Fried has made in the past will not be able to shield him from the pressure that is being applied by MPs, with some of them making threats of probable jail time.

A Congressional hearing has been called as a result of the implosion of FTX in order to investigate the events that transpired before to the exchange's demise; however, a competitor is anticipated to testify on the part that it played in the debacle.

In light of the recent collapse of the FTX exchange, the Financial Services Committee of the United States Senate is looking forward to speaking with Sam Bankman-Fried, the exchange's creator. The extensive accusations of fraud and money theft that have been spreading across the ecosystem are one aspect of the problems that need to be examined.

It has been decided that the hearing will take place in December, however it is still unknown whether or not Bankman-Fried will be present. Rep. Brad Sherman, who is well-known for his skepticism regarding cryptocurrencies, has stated his uncertainty over the possibility that the inventor of FTX will testify before Congress.

"I presume that Sam Bankman-Fried is on a private submarine headed to Dubai, so I think that it's going to be difficult to get him unless Maxine has some depth charges," said Sherman. "I think that it's going to be difficult to get him unless Maxine has some depth charges." "I have a strong suspicion that he is trying to evade justice, much less giving testimony before the committee."

It is anticipated that the Securities and Exchange Commission (SEC) would make an appearance before the Committee in order to present its point of view about the occurrences. There are multiple reports that SEC Chair Gary Gensler met with Bankman-Fried months before the company's collapse. One question that lawmakers might ask is why the SEC missed the shady activities surrounding the firm during its crackdown on the industry.

Gensler has stated in the past that there is nothing improper about his meetings with the troubled founder of FTX because of his pattern of consistently interacting with industry executives.

It is anticipated that Binance will show up.
Legislators have shown an interest in learning more about the part that Binance played in the failure of its competitor. However, the company has repeatedly stated that it did not set the wheels in motion for the eventual implosion of FTX and has pointed out that fraud and financial irregularities were the causes of the collapse.

Binance's Chief Executive Officer, Changpeng Zhao, stated that the company will not be sending a representative to the congressional hearing. This statement gave a strong indication that Mr. Zhao himself might show up to testify.

Following the announcement that it will be liquidating its FTT tokens, Binance found itself in the center of the storm. This came about as a direct result of the discovery that Alameda had the majority of its holdings in Binance. The news caused the price of FTT to plummet; despite this, Binance stated that it did not unload the tokens; however, the dominoes were already beginning to fall for FTX.